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Shares in Indian new-age tech company PB Fintech, the parent of PolicyBazaar and PaisaBazaar, have been on the rise for the past eight trading sessions, posting a stunning 30% return from Rs 402.45 to Rs 523 per share, driving a five-fold increase in shares. – Monthly highs.
The stock has been on a steady decline since reaching a 52-week high of Rs 840 per share in April last year and has continued to decline through 2023, losing 4.41% in market capitalization last month. However, the stock has gained momentum since February as the company’s results improved in the December quarter, beating analysts’ expectations.
PB Fintech provides comprehensive online marketing, IT consulting and support services primarily to the financial services industry, including insurance. PB Fintech operates PolicyBazaar, India’s largest digital insurance marketplace, and PaisaBazaar, which provides services related to loan products.
In Q3FY23, the company’s net loss narrowed to Rs 870 crore compared to Rs 298 crore a year earlier. The company posted a net loss of Rs 1.87 billion in the July-September quarter.
Operating income soared to Rs. 6.1 billion in the quarter, an increase of 66.21% from Rs. 3.67 billion in the same period last year. Operating expenses in 3QFY23 also fell to Rs 744 crore from Rs 800 crore in 2QFY23.
Revenues for the first nine months of the fiscal year are up 5.2 times compared to four years ago.
Adjusted EBITDA in the company’s core business was positive at Rs 260 crore for the quarter, beating company expectations.
The company’s credit expenses increased by 57% year-on-year, and insurance premiums increased by 70%. More than 33 million customers have accessed credit scores on its platform.
According to the company, 75% of cards issued in the October-December quarter were end-to-end (E2E) digital cards, with co-created products such as upgrade cards and duet credit cards gaining popularity.
The company said its agency aggregation platform, PB Partners, continues to lead the market in terms of operational scale and efficiency. It has the highest percentage of non-automotive companies in India with 14,300 passwords. In addition, the company’s business in the UAE grew 167% year-on-year.
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